Questions to Ask When Buying a New Property
If you’re buying your next home or a second home, there are some budgeting questions to ask yourself.
There are a range of reasons you and your family may be searching for a new property. Perhaps you need a larger home for your growing children, or you’re ready to downsize as kids leave the nest. Of course, there’s also the possibility you’re interested in purchasing an investment property or vacation home to own alongside your current residence.
With each option comes different savings needs and goals. Ask yourself a few key questions to help gauge your readiness and potential budget for your next home:
- Do you expect to make a profit by selling your current home and buying a new home?
- If you’re buying a second home, will you be carrying two mortgages?
- Will you need to buy new furniture to accommodate your new home?
- Are you prepared to pay closing costs on a new property?
- Will your new home cost more to maintain?
- Have you taken real estate agent fees into consideration?
- How will your property taxes change?
- If you’re buying an investment property, will potential rent income cover the mortgage and upkeep?
Be sure to talk to your financial advisor and mortgage loan officer. These experts can answer your questions and help you confidently navigate your home purchase.